ATM Lessons for Children – Where Does Money Come From?

For many children today, visiting an ATM is a fun and interesting experience. Mum or Dad enters a plastic card into the machine and money ‘magically’ comes out! It is not uncommon for young ones to think that all you have to do to get more money is have a plastic card and visit an ATM.

Children and ATMs

The most basic lesson you need to teach your children about using ATMs is - the money withdrawn from the ATM is not the bank’s money, but the card holder’s money. The bank is simply storing your money so you don’t have to carry around all that cash! It’s a matter of convenience and security. All over the world and even in the Mid North Coast of Australia we are becoming a cashless society so it is crucial we educate our children about money and being MoneySmart.

Security Tips for Using ATMs

After you’ve taught your children the basic fundamentals behind ATMs, it’s time to teach them about ATM security. Here are some simple security tips for any users of an ATM or eftpos device

Never share your pin code with anyone including your friends.

Always cover your hand when entering your pin code at an ATM.

Update your pin code if you think that someone has seen you enter it or has become aware of it. You can easily change your pin code at any rediATM, or you can change it at your nearest Holiday Coast Credit Union branch.

Never write down your pin code on your card

Never write down your pin code. Ensure it is memorised.

Do not use your birthday, postcode or any other obvious pin codes.

Don’t share your card with anyone.

Always notify Holiday Coast when you change address.

Be careful when using Internet banking on another person’s computer. In most web browsers like Internet Explorer or Google Chrome, there is a pop up option to remember passwords for websites. Always click ‘no’ when this option appears.

Always ensure that you fully log out after you are done with your Internet banking.

There are many fake ATMs run by criminals, so always look for the VISA or PLUS logos on ATMs.

These security tips shouldn’t discourage you from opening an account in your child’s name. As we discuss in other articles in this ‘Getting Started’ series, opening a savings account for your child is one of the most beneficial decisions you will make for their financial future.

For more information (including our definition of terms) check out our conditions of use document. If you need any further assistance, feel free to contact us by calling 1300 365 7 24, email ubelong.com.au or drop into a Holiday Coast branch near you and a friendly Holiday Coast Credit Union staff member will assist you.

This article provides general information only and should not be relied upon as financial product advice..